Ireka Development Management plans three launches in next 12 months

PETALING JAYA (Sept 3): Believing that the market will start recovering in 2017, Ireka Development Management Sdn Bhd’s chief operating officer Raymond Chin says the group is planning to roll out three projects in the next 12 months, with a total gross development value (GDV) of more than RM700 million.

“We are more optimistic about next year and we’re getting ready with the launches. We think the market will come back again and begin to recover. It will be a gradual process,” he tells City & Country.

The three planned launches are Asta Enterprise Park in Bukit Angkat, Kajang; dwi@Rimbun Kasia at its Rimbun Kasia township in Nilai; and Kajang Residences.

Asta Enterprise Park is the group’s first light industrial development, spanning 31.5 acres with a GDV of RM269 million. The project is targeted at existing small and medium-sized enterprise (SME) owners from the surrounding areas such Balakong, Cheras, Serdang and Kajang, who are looking to upgrade or operate under one roof.

Following Asta Enterprise Park, the next launch will be the low-rise apartment project dwi@Rimbun Kasia in Nilai by 1Q2017. The RM130 million project will offer 382 apartment units in a 10-storey block on a 3.9-acre lot, according to senior vice-president and head of sales and marketing Judy Loo.

The built-ups of the project’s dual-key units range from 650 to 980 sq ft, with a minimum indicative selling price of RM297,480. So far, more than 2,000 registrations have been received. 

“The target market will be students and people working at the airport and Putrajaya. Our previous project there, Kasia Greens, saw buyers who are working in Putrajaya. We also want to appeal to young families and young professionals, and encourage more young people to own their homes there,” says Loo.

Meanwhile the third project, Kajang Residences, is a condominium set to be launched by mid-2017. Located 1.5km from the Kajang MRT station, it will offer 568 units and have a GDV of RM290 million.

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This is an excerpt of the report in the Sept 5, 2016 issue of City & Country, the property pullout of The Edge Malaysia. Subscribe here for your personal copy.